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Turkey Consumer Prices (Jan.)

The rise in Turkish inflation in January is unlikely to sway the central bank (CBRT) away from another interest rate cut this month as policymakers cave into pressure from President Erdogan. But inflation is likely to surprise on the upside over the rest of 2020 and the lira will probably come under pressure. This underpins our non-consensus view that the CBRT will reverse course and hike rates later this year.

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